Perpendicular magnetic anisotropy (PMA) and low magnetic damping are the key factors for the free layer magnetization switching by spin transfer torque technique in magnetic tunnel junction devices. The magnetization precessional dynamics in soft ferromagnetic FeTaC thin film with a stripe domain structure was explored in broad band frequency range by employing micro-strip ferromagnetic resonance technique. The polar angular variation of resonance field and linewidth at different frequencies have been analyzed numerically using Landau-Lifshitz-Gilbert equation by taking into account the total free energy density of the film. The numerically estimated parameters Landé g-factor, PMA constant, and effective magnetization are found to be 2.1, 2×10 5 erg/cm 3 and 7145 Oe, respectively. The frequency dependence of Gilbert damping parameter (α) is evaluated by considering both intrinsic and extrinsic effects into the total linewidth analysis. The value of α is found to be 0.006 at 10 GHz and it increases with decreasing precessional frequency.Spin transfer torque (STT) has grater credibility compared to other techniques towards ultrafast spin dynamics in ferromagnet by electric current induced magnetization reversal of spin valves and magnetic tunnel junctions (MTJ). 1 The current researchers are more keen to focus on STT technology for its high density magnetic random access memories (MRAM), 2,3 STT-driven domain wall devices 4 and perpendicular magnetic recording media 5 applications. In order to make this technology more efficient, lowering the critical current density is essential which requires the material specifications with low saturation magnetization (M S ), high spin polarization, large uniaxial perpendicular magnetic anisotropy (PMA) constant and low magnetic damping. [6][7][8] The magnetic damping parameter (α) can be described well by the phenomenological Landau-Lifshitz-Gilbert equation and is known as the Gilbert damping. 9,10 Several attempts have been made for understanding the origin of Gilbert damping in spin dynamics relaxation in single layer as well as multilayered magnetic alloys, which arises from both intrinsic and extrinsic parts of the material. The intrinsic contribution to the Gilbert damping parameter has been studied by tuning the strength of the spin-orbit coupling. 8,11,12 Recently, Ikeda et al. 13 have reported that CoFeB-MgO based MTJ with PMA would be reliable for high-density non-volatile memory application due to its high thermal stability and efficiency towards STT technology. The investigation on magnetic dynamics, PMA and the apparent magnetic damping have been studied extensively in CoFeB based soft ferromagnetic thin film by ferromagnetic resonance (FMR) and timeresolved magneto-optical Kerr effect. 14,15 Malinowski et al. 16 have reported a large increase in Gilbert damping with applied magnetic field in perpendicularly magnetized CoFeB thin film.